How Long Does It Take To Get An EIN (And Why)?

Exact Answer: One Week

Whenever we start a small company, we need to understand the legal powers, benefits, and commitments. One such obligation is the Employer Identification Number (EIN). How to get EIN? You need to apply for it. First, let’s understand what is EIN. EIN is a simple yet unique nine-digit number code. It is employed to recognize a company for tax works.

It functions as a social security number (SSN) for every person for the Internal Revenue Service (IRS). An EIN is also popularly known as “Federal Employer Identification Number” or “Tax ID number”. Individuals get EIN service for free by the IRS in less time.

How Long Does It Take To Get An EIN?

NumbersTime period
Social Security Number2 weeks
Employer Identification Number1 week

The main advantage of applying for an EIN is with the help of an online application. Once you’re done applying, then you’ll get the EIN instantly. This process will take around 10 business days. Then you’ll obtain the number over fax or post within a week.

Within two weeks, you’ll obtain EIN which would get permanently recorded into the IRS system. With the help of this, business proprietors can use this number in their system for registering an automatic return or any kind of electronic payment method. Also, they can cross an IRS Tax Identification Number program. Why an EIN is important? If we have a business, then we are obliged to pay taxes. Then, only you’ll get an EIN but not every business needs it. With EIN, you can manage your company and its partnership. With that, you can reserve taxes different from wages paid to a non-residential visitor. Also, you have the opportunity to file tax returns on sidearms, smoke, employment, alcohol, etc.

The best thing about an EIN is that it is permanent and never lapses. But you might need a new EIN for some situations wherein you incorporate or have a partnership. The acronym of IRS is Internal Revenue Service which issues EIN for the users which are used to track tax filings. Make sure you protect your EIN. In case, your EIN is lost then you can replace it. But we would recommend you try out every possible way to get the original EIN before you request help.

RECOMMENDED
How Long After Job Interview To Follow Up (And Why)?

Why Does It Take This Long To Get An EIN?

Though the application process of an EIN is simple there are multiple options available for a business. First, it is the simplest and the fastest means to get an EIN. All you need to do is fill out the online EIN application form available on the IRS website. Then, you can immediately get EIN. Other than the online application, you can fill and submit the form from Monday to Friday between 7 a.m. to 10 p.m. EST.

The next option is by fax. You just have to fill out the SS-4 form on the IRS website and select the suitable state. Make sure that you get the fax within two weeks. Another option is through email. But this option might take around four weeks. All you need to do is mail your application to the subsequent mailing address.
Internal Revenue Service
Attn: EIN International Operation
Cincinnati, OH 45999

Thus, these are the three ways in which you can obtain an EIN. With the application form, you need to submit documents related to your entity. First, you need a legal name and entity address, administrator or trustee name, and SSN, EIN, or ITIN of the accountable party. Also, you need to mention the nature of the entity such that it is either a partnership, sole proprietor, or a corporation. Don’t forget to mention the reasons for applying and the kind of merchandise exchanged or assistance granted.

Conclusion

Sometimes you might experience a delay. Many business entities unite with the United States and its townships for an EIN. as it isn’t available online. Due to which you might encounter delays as companies rely on slower means. When an online application is not available then the IRS can’t verify and process it. Delay occurs when there is some inaccurate data or a typing mistake. So, make sure you check your application form to get rid of any kind of delay.

Reference

  1. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3134261
  2. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/passtent17&section=50
x
How Long do PayPal Refunds Take video

Leave a Comment